Discovering the similarities between AI stocks and crypto VC tokens 1. High market cap with low circulation, multiple sources indicate that Zhipu's actual circulation is only 3%-4% 2. Market cap/ARR ratio in the hundreds, fundamentals can't support the valuation 3. VC investment, retail investors left holding the bag 4. Heavily reliant on industry narratives What do you think Zhipu's core competitive advantage is?